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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
3170-0007
ICR Reference No:
202205-3170-004
Status:
Active
Previous ICR Reference No:
201808-3170-003
Agency/Subagency:
CFPB
Agency Tracking No:
Title:
Mortgage Assistance Relief Services (Regulation O)
Type of Information Collection:
Extension without change of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
10/31/2022
Retrieve Notice of Action (NOA)
Date Received in OIRA:
07/11/2022
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
10/31/2025
36 Months From Approved
10/31/2022
Responses
118
0
120
Time Burden (Hours)
355
0
360
Cost Burden (Dollars)
32,450
0
33,000
Abstract:
The required disclosures under Regulation O (12 CFR 1015) assist prospective purchasers of Mortgage assistance relief services (MARS) in making well-informed decisions and avoiding deceptive and unfair acts and practices. The information that must be kept under Regulation O's recordkeeping requirements is used by the Bureau of Consumer Financial Protection (Bureau or BCFP) and the Federal Trade Commission (FTC) for enforcement purposes and to ensure compliance by MARS providers with Regulation O. The information is requested only on a case-by-case basis.
Authorizing Statute(s):
PL:
Pub.L. 111 - 24 511
Name of Law: Credit Card Accountability and Responsibility and Disclosure Act of 2009
PL:
Pub.L. 111 - 203 1097
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
PL:
Pub.L. 111 - 8 626
Name of Law: Omnibus Appropriations Act of 2009
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
87 FR 10343
02/24/2022
30-day Notice:
Federal Register Citation:
Citation Date:
87 FR 40513
07/07/2022
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Recordkeeping and Disclosure Requirements
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
118
120
0
0
-2
0
Annual Time Burden (Hours)
355
360
0
0
-5
0
Annual Cost Burden (Dollars)
32,450
33,000
0
0
-550
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The Bureau is making no program changes to this information collection. However, the Bureau is reducing the number of respondents (from 120 to 118). The Bureau is also making a slight adjustment to burden (360 hours to 355 hours) to account for and remedy past rounding errors. The information collection requirements (and the related burden per response) remain unchanged.
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
No
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Yes
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
No
Agency Contact:
Lucas Nathe 202 435-7635
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
07/11/2022
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